Dele Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, has called on the Central Bank of Nigeria to step up its efforts to stabilize the naira.
Oye said, “On behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, we extend our heartfelt appreciation for your efforts in amicably resolving the minimum wage issue.
“Your acceptance of the N70,000 proposal, along with the attached incentives and the promise of a periodic review, is commendable. We also thank the members of the organised private sector and the negotiation team for their invaluable contributions.
“However, we urge the government to promptly release the 2024 fiscal policies and call on the Central Bank to intensify efforts to stabilise the naira, as its instability significantly drives inflation. Without immediate and effective strategies to control inflation, further agitations may arise before the stipulated three-year review period.”
In the same line, Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association, commended the move. Applauded President Bola Tinubu “for putting to rest the protracted issue of the national minimum wage.”
He als added, “While we commend the President for the approval, it should be noted that the ability to pay remains a fundamental consideration. The proposed support by the President to organised businesses should be immediately announced to enable businesses to plan effectively.”
However, Segun Kuti-George, National Vice President of the Nigerian Association of Small-Scale Industrialists, expressed concerns that implementing the new minimum wage would be an extremely challenging and daunting task for the organized private sector, which comprises nano, micro, small, and medium enterprises.
He said, “The reason the new minimum wage would be a herculean task is that they are already grappling with high production costs caused by high inflation rates, high interest rates, and an unfavorable exchange rate between the naira and the dollar.”
